KEEN to boost market interest in its Botswana copper story, MOD Resources’ decision to get active on the regional exploration front has paid dividends with copper intersected in the first two RC holes put into the T2 prospect located 20km to the T3 discovery that’s being drilled-out to resource status.
CopperMOD ResourcesBotswana
Assays are awaited after 10m and 15m intervals of visible copper oxide and sulphide mineralisation were hit from 8m and 55m downhole respectively.
The drilling followed the decision last month by MOD and joint venture partner Metal Tiger to establish a regional exploration team (including two RC rigs) to continue work elsewhere in the Kalahari copper belt.
MOD’s shares closed last week up 75% on levels the stock was at early this month, and double the price shares were issued-at in an oversubscribed raising last month – with funds from that raising helping bankroll the regional drilling.
While drilling continues at T2, the joint venture is also drill testing the T8 prospect, 60km east of T3.
Resource drilling remains underway at T3, as does scoping work, with a pre-feasibility likely next year.
With ASX copper stories softer today early trading after the metal declined at the end of last week, MOD shares were off 6.25% to A4.5c, capitalising the company at over $63 million.
The company was capitalised at $4 million 12 months ago.
MOD Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
